Ex-construction manager for Fleet Bank convicted of $1M bank fraud

CRANFORD -- A former construction manager for Fleet Bank was convicted today in federal court of bilking the company of more than $1 million by conspiring with a contractor to submit fake invoices, authorities said.

Oliver Chukwuma, 54, of Franklin Township in Somerset County, was convicted of bank fraud conspiracy, soliciting a bribe from a bank contractor and money laundering, U.S. Attorney Paul J. Fishman said.

Beginning in April 2001, Chukwuma began paying a contractor, Jack Lubin, for work that his Cranford-based company, Basic Services Inc., never performed for Fleet. In exchange, Lubin gave Chukwuma a share of the proceeds, which totaled about $1.1 million, authorities said. In 2006, Lubin pleaded guilty and is awaiting sentencing.

While working for Valley National Bank in 2006, Chukwuma demanded a $20,000 bribe from a contractor who wanted to bid on a Valley National job, authorities said. Chukwuma later laundered the payment through a corporate bank account.

Following the verdict, U.S. District Judge Faith S. Hochberg revoked Chukwuma’s bail and ordered him detained until sentencing, which she scheduled for Feb. 10. He faces up to 30 years in prison and a $1 million fine for the bank fraud conspiracy charge, according to Seth Kosto and Justin Arnold, the assistant U.S. attorneys who prosecuted the case.